Overstock.com's CEO is taking an indefinite leave of absence

Patrick M. Byrne
Courtesy of Overstock.com
Overstock.com announced on Monday that its CEO, Patrick M. Byrne, is taking an indefinite medical leave of absence.

The firm's statement notes that it is unknown if Byrne will return to work.

In a letter than accompanied the announcement, Byrne wrote that, "the proximate cause is that for over a year I have been gutting it out through a Stage IV diagnosis of Hepatitis C, contracted (to save awkward questions) in 1984 in Xinjiang when a barefoot doctor sewed up a head wound under less-than-ideal conditions. I have finished treatment and think I have it beat but only time will tell."

Byrne recommended to the board of directors that the Acting CEO be Mitch Edwards, who has served as senior vice president and general counsel of Overstock.com since August 2015. Prior to that, he served as CFO and general counsel at Razer Inc., Skullcandy, Inc., and BitTorrent.

Overstock.com is an online retailer that sells a large range of products at low prices, including furniture, electronics, clothing, and jewelry. The company is based in Salt Lake City, Utah.

"I am intensely proud of my nearly 2,000 colleagues for having built a consistently profitable $2 billion e-tailer (on a fraction of the capital afforded our competitors)," Byrne added in his note.

Here's the full letter from Byrne:

Dear Owners,

'I myself never surrendered. But they got my horse, and it surrendered.' - Chief Dan George in Outlaw Josey Wales

I must take an indefinite medical leave of absence. The proximate cause is that for over a year I have been gutting it out through a Stage IV diagnosis of Hepatitis C, contracted (to save awkward questions) in 1984 in Xinjiang when a barefoot doctor sewed up a head wound under less-than-ideal conditions. I have finished treatment and think I have it beat but only time will tell.

Your firm is doing and will do well: I believe that in 2016 we will make$40 million GAAP Net Income (pre-tax) excluding net effect of blockchain efforts and the risk of declared recession.

I have recommended Mitch Edwards as Acting CEO. Mitch is an outstanding full-spectrum entrepreneur who has serving as our general counsel for six months and has learned our business, and understands our t0 efforts to revolutionize the capital markets.

I am intensely proud of my nearly 2,000 colleagues for having built a consistently profitable $2 billion e-tailer (on a fraction of the capital afforded our competitors).